Tuesday, September 12, 2017

After almost eight years with the RIHousing
team, the agency would like to congratulate Deputy Director Peter Walsh on his impending
retirement.

Peter has served as the Deputy
Director for Homeownership and Administration, where he has overseen the corporation’s
Homeownership origination and servicing, the RIHousing HelpCenter and the
Information Technology, Human Resources, Communications and Facilities
functions within RIHousing.

“Peter has been an outstanding member
of the senior team at RIHousing. We have benefitted enormously from his
business acumen as well as his commitment to the communities and people of
Rhode Island,” said Barbara Fields, Executive Director of RIHousing. “We will
miss Peter tremendously – particularly his unique style and sense of humor –
but wish him all the best in his next chapter..”

Prior to his appointment as Deputy Director in
June 2015, Walsh served as Director of Homeownership and Customer Service
at the corporation, where he oversaw a dramatic increase in the number of
mortgage originations administered by RIHousing and its partners. Peter joined the
corporation in 2009 as Director of External Relations, following nearly three
decades in the banking industry with Citizens Bank and Bank RI.

RIHousing will help preserve the state’s
second-oldest mill and create 65 new apartments, recently approving $9 million
in financing for Lippitt Mill Apartments in West Warwick was Listed on the
National Register of historic places, Lippitt Mill is currently vacant and
uninhabitable.

The $15.9 million project received $2.1
million in Rebuild RI tax credits and rebates from the Rhode Island Commerce
Corporation and will support 117 jobs.

Lippitt Mill was built in 1809 and has
withstood the turmoil of the Civil War and hundreds of New England winters to
evolve from a cotton mill, where workers toiled by candlelight, to a 21st
-century operation that dyed delicate laces for international commercial
clients. At the time of its closing in 2010, Lippitt Mill was the longest continually-operating
mill in the country and is believed to be one of the oldest timber-frame mill
buildings still standing.

RIHousing, in partnership with the RI Office
of Innovation, was selected as one of 30 communities participating in the
ConnectHome Nation initiative, which aims to end the digital divide in public housing
across the United States.

Rhode Island is the
first state to join the initiative.

“ConnectHome and now ConnectHome Nation is a
first of its kind, public private partnership that is committed to ending the
digital divide in public housing across the United States,” said Chike Aguh,
chief executive officer of EveryoneOn, the national nonprofit implementing
ConnectHome Nation. “We are so excited to welcome Rhode Island to this new
cohort of communities who are committed to changing the life trajectory of some
of the most in need in our country.”

In May 2017, EveryoneOn announced the
expansion of the ConnectHome pilot initiative, which launched in 2015 in
conjunction with the U.S. Department of Housing and Urban Development (HUD) and
was created to bridge the digital divide in 28 pilot communities. Rebranded ConnectHome
Nation, the goal of the initiative is to expand to 100 communities and connect
350,000 people living in HUD-assisted housing by 2020.

Wednesday, August 16, 2017

RIHousing recently announced that Brenda Hayden will manage
the corporation’sresidential mortgage loan programs as Assistant Director of
Homeownership.

“Brenda’s extensive experience in mortgage banking will be a
valuable asset to the corporation as we move forward in our efforts to ensure
that all Rhode Islanders have access to housing that meets their needs,” said
Barbara Fields, Executive Director of RIHousing. “We are excited to welcome
Brenda to the RIHousing team and look forward to working with her.”

Hayden will oversee the day to day underwriting operations and
ensure that a wide range of loan programs are developed and implemented. She
will also manage RIHousing’s Homebuyer Education program to help homebuyers
learn about the buying process and make more informed decisions regarding
mortgage options.

Hayden comes to the agency with over three decades of
experience in housing finance and most recently served as a Vice President at the
Washington Trust Company. Prior to her time at Washington Trust, she held mortgage
banking positions at Rhode Island Housing and Mortgage Finance Corporation and
AmericaFirst Home Loans.

RIHousing announced its third conduit financing agreement
with Citibank – an agreement that will finance the acquisition and
rehabilitation of Colony House Apartments in Providence.

Colony House Apartments is a 101-unit development that
serves elderly and disabled residents. Under the financing agreement, RIHousing
required a long-term use restriction to ensure that the development remains
affordable for the next 30
years.

“Our initial financing agreement with Citibank was the first
of its kind in Rhode Island and served as Citibank’s entrée into this market.
We are thrilled to bring outside investment to Rhode Island to finance the
preservation of much-needed housing,” said Barbara Fields, Executive Director
of RIHousing.

Through this financing structure, Citibank will make a
direct loan to RIHousing, and RIHousing will issue a tax-exempt note to
Citibank. RIHousing will then advance the loan proceeds to the borrower (Standard
Property Company) under its tax-exempt bonding authority.

RIHousing’s recently-launched First Down program is already
making a huge impact, with 335 Rhode Islanders registering for the program to aid
the purchase of their first home. The program provides $7,500 in down payment
assistance to eligible first-time homebuyers purchasing a home in one of six
Rhode Island communities.

The First Down program is structured as a forgivable loan
and targets the six communities most affected by the foreclosure crisis:
Cranston, East Providence, Pawtucket, Providence, Warwick and Woonsocket.

The down payment assistance is available to first-time
homebuyers purchasing a one- to four-family home or condominium. The property
must be the buyer’s primary residence, and buyers must obtain a RIHousing first
mortgage through one of 35 participating
lenders or RIHousing.

With $12 million in refinancing from RIHousing, 149 senior
apartments will remain affordable for 40 years at Saint Elizabeth Place, a housing development
for elderly and handicapped individuals in Providence.

“Rhode Island is facing a serious housing shortage – in
particular, we project a shortfall in senior housing, a segment of our
population that continues to grow,” said Barbara Fields, Executive Director of
RIHousing. “This refinancing ensures that much-needed homes for seniors are
preserved at Saint Elizabeth Place, which has a stellar reputation for
providing quality senior housing.”

The current contract at Saint Elizabeth Place was set to
expire in 2023, but with the refinancing, the developer has renewed the
contract for 20 years and agreed to extend the affordability for 40 years.

“Expanding and restoring our housing stock – including
housing across the range of price points—is an essential part of our effort to
grow economic opportunity in Rhode Island,” said R.I. Secretary of Commerce
Stefan Pryor.